Given the following information, determine the total average tax rate for a BC resident earning $100,000 in employment income. Tax Rates Tax Brackets Federal 15.00% Up to $43,953 22.00 43,954−87,907 26.00 87,908−136,270 29.00 136,271 and over British Columbia 5.05% Up to $ 40,120 9.15 40,121−80,242 11.16 80,243−150,000 12.16 150,001−220,000 13.16 220,001 and over Multiple Choice 15% 37.16% 20.05% 42.16% 27.31% Show the steps please
Given the following information, determine the total average tax rate for a BC resident earning $100,000 in employment income. Tax Rates Tax Brackets Federal 15.00% Up to $43,953 22.00 43,954−87,907 26.00 87,908−136,270 29.00 136,271 and over British Columbia 5.05% Up to $ 40,120 9.15 40,121−80,242 11.16 80,243−150,000 12.16 150,001−220,000 13.16 220,001 and over Multiple Choice 15% 37.16% 20.05% 42.16% 27.31% Show the steps please
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Given the following information, determine the total average tax rate for a BC resident earning $100,000 in employment income.
Tax Rates | Tax Brackets | |
Federal | 15.00% | Up to $43,953 |
22.00 | 43,954−87,907 | |
26.00 | 87,908−136,270 | |
29.00 | 136,271 and over | |
British Columbia | 5.05% | Up to $ 40,120 |
9.15 | 40,121−80,242 | |
11.16 | 80,243−150,000 | |
12.16 | 150,001−220,000 | |
13.16 | 220,001 and over | |
Multiple Choice
-
15%
-
37.16%
-
20.05%
-
42.16%
-
27.31%
Show the steps please
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